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Home foreclosures are, unfortunately, happening in every part of the country due to the economy but this provides an excellent opportunity for many. Buying a home foreclosure can save you a great deal of money. A foreclosure can come to you in excellent condition or may be in need of repairs. If the home you are interested in "needs repairs," there are many things you can do to renovate and repair without busting your budget.
*UPDATE: This article originally focused on the HomePath Renovation loan. That program was discontinued in October 2014. However, other renovation mortgage options do exist - like FHA 203k and HomeStyle Renovation! Read more here. I was watching TV over the weekend, and saw a promo for a couple of Mike Holmes shows on DIY-network. It got me thinking: a lot of folks love do-it-your-self work. While home improvement loans don't promote DIY work necessarily, it's not out of the question. The FHA 203k is less forgiving, but HomePath Renovation lays out specific guidelines for just this occasion. Let's look at 5 do-it-yourself repairs you can do under the HomePath Renovation mortgage. Download our Ultimate Guide to Home Improvement Loans and learn more about all your renovation options.